ADDISON, Texas, Oct. 13, 2011 /PRNewswire/ -- ULURU Inc. (NYSE AMEX: ULU), announced today that it has signed a binding letter of intent with Melmed Holdings AG, a company based in Switzerland, to license Altrazeal® for the European Union.
Under the terms of the agreement ULURU will license the European Union rights to a subsidiary of Melmed Holdings AG specifically formed to market Altrazeal® in the European Union. In exchange for the license ULURU will receive a licensing payment and a 25% interest in the Altrazeal® marketing subsidiary that have a combined value of approximately $2.5 million. In addition, ULURU will supply Altrazeal® at a price equal to 30% of the European sales price and will receive a royalty on sales within the territory.
Commenting on the Agreement, Kerry P. Gray, President and CEO of ULURU, stated, “We are very pleased to establish this partnership with Melmed Holdings AG. We believe that the European Healthcare Systems are the ideal market for a product such as Altrazeal®, due to health care providers being required to contain costs. Also, due to the structure of the healthcare systems the market is very concentrated and can be targeted with a small specialized marketing group. This Agreement enables ULURU to participate in the success of Altrazeal® both in the short term through supply of the product and royalties and in the longer term through our equity ownership.”
It is anticipated that Altrazeal® will be launched in Germany during the first quarter of 2012. The launch of Altrazeal® in the other major European markets, the United Kingdom, France, Spain and Italy will occur once price reimbursement approval has been received in each market. The initial marketing focus will be on the treatment of diabetic foot ulcers, which is a very significant and expanding market in Germany and throughout Europe. In the U.S. only 31% of diabetic foot ulcers are healed in 20 weeks which places a tremendous economic burden on the health care system. Altrazeal® continues to demonstrate significant clinical advantages in this indication which could provide important economic benefits.
Commenting on the Agreement, Helmut Kerschbaumer Chairman of Melmed Holdings AG, stated, “We are delighted to secure the Altrazeal® opportunity for the European Union. Products with demonstrated clinical effectiveness that produce economic benefits, such as Altrazeal®, have the opportunity to rapidly establish a significant market share. The initial responses to Altrazeal® that we have received from physicians have been very positive. We look forward to working with ULURU to establish Altrazeal® as a leading product in the large and expanding advanced wound care market in Europe.”
About ULURU Inc.:
ULURU Inc. is a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products to provide patients and consumers improved clinical outcomes through controlled delivery utilizing its innovative Nanoflex® Aggregate technology and OraDisc transmucosal delivery system. For further information about ULURU Inc., please visit our website at www.uluruinc.com. For further information about Altrazeal®, please visit www.Altrazeal.com.
This press release contains certain statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended. These statements are subject to numerous risks and uncertainties, including but not limited to our belief that the European Healthcare System is ideal for Altrazeal®, anticipated product launches by Melmed, anticipated price reimbursement approvals and Altrazeal’s clinical and economic advantage and to the risk factors detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, and other reports filed by us with the Securities and Exchange Commission.
Contact: Company
Kerry P. Gray
President & CEO
Terry K. Wallberg
Vice President & CFO
(214) 905-5145
SOURCE ULURU Inc.
